CTA Kaiser: 19 Years of Evolution

Reading the runes of market regimes

HAMLIN LOVELL

Kaiser, which has offices in Melbourne and London, returned 10.28% for its Kaiser Global Diversified Program’s Class A in 2016, a year when the average CTA was slightly down (the SG CTA index ended 2.86% lower). This disconnect is not unusual: the programme has a low correlation with the BarclayHedge BTOP50 index, with an average historical correlation of 0.3.

“We trade over different time frames, which provides a sound reason for our low correlation,” explains founder...

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